The development of blockchain technology has led to several uses in the various arenas, and Aurora has a keen eye on it. One of these is decentralized finance, which has expanded scope in the Web 3 world. Developers are working on developing DeFi apps so that the users can enjoy a trustless and secure financial medium. Various apps have been developed for organizations and public use, while many are being developed to provide variety and choice among these.
To ensure that it is able to provide opportunities to developers to work on decentralized finance apps, it has launched a funding drive. The mentioned funding drive is focused on raising funds for the development of DeFi apps on Near Protocol. It has partnered with Aurora to complete the project. Here is a brief overview of the funding and how it will be used for innovations in the industry.
Aurora’s plans for expansion
Aurora is a known name in developing decentralized apps and blockchain technology. It is an EVM (Ethereum Virtual Machine) based on Near Protocol. According to the developers, it is a low-cost, scalable project, and focused on creating simple solutions for developers. It is compatible with Ethereum and works on futuristic technology.
The developers working on Aurora are able to create apps that are compatible with third-generation L1 protocols. As it is focused on creating solutions that are compatible with Ethereum, the programs can be run on any Ethereum-affiliated protocol. Aurora DAO’s plans for decentralized finance apps (DeFi apps) are likely to generate funds according to the needs because of the utilities provided.
Aurora has partnered with Proximity Labs for the development of DeFi apps. It has announced a considerable fund for the completion of the project. A fund token worth $90 million was initially released to finance the project. The amount will be spent on the development of DeFi apps and on attracting developers to fulfill the project’s requirements.
The funds have been issued in the form of 25 million AURORA tokens given from its DAO.
Aurora and DeFi apps
Aurora and Proximity Labs’ partnership for DApps will help create opportunities for developers in the market, bringing refinement and innovation. It will be an opportunity for those who want to develop their decentralized apps on a smart-contract capable POS consensus mechanism. As the funds have been assigned to Proximity Labs, the development of apps will start and would bring Aurora on par with Ethereum. The management of funds is now the responsibility of Proximity Labs, as its management team will oversee the expenditure of funds and ensure that the development of apps takes place smoothly.
It sees this as a big opportunity as its token-based system will provide various benefits to the users. It will increase activity as well as make the transaction process easier for the users. Dr. Alex Schevchenko, the founder of Aurora Labs, is of the view that it will make the apps attractive for users. He expressed his pleasure in partnering with Proximity Labs to take the development of DeFi apps to a whole new level. He also said that the aim of this project was the expansion of the Ethereum economy outside the Ethereum blockchain. It will also help with the expansion of the vision of the Aurora ecosystem.
Conclusion
Near Protocol-based EVM Aurora has granted a fund worth $90 million to Proximity Labs to develop DeFi apps on its blockchain system. The funds have been granted in the form of 25 million AURORA tokens which will be used for the development of DeFi apps. The said amount will attract developers to the system and bring it into competition with other EVMs, thus expanding the Ethereum economy further.
